Eni signs €6B sustainability-linked Credit Line
Eni has signed a new 6 billion Euro five-year Sustainability-Linked revolving credit line, linked to two targets of its “Sustainability-Linked Financing Framework” updated in May 2022.
The margin of the new credit line is linked to the achievement of sustainability targets relating to Net Carbon Footprint Upstream (Scope 1 and 2) and installed capacity for the production of electricity from renewable sources. Depending on the achievement of each target, a step up/step down mechanism will be used and it will affect the margin applicable for subsequent uses of the credit line, as well as the fees for any unused portions of the line itself.
The operation is in line with Eni’s goal of fully integrating its financing with its sustainability strategy aimed at achieving carbon neutrality by 2050 and contributing to the achievement of the United Nation’s Sustainable Development Goals (“UN SDGs”).
Moreover, the new facility will provide Eni with a flexible tool to manage any financial needs, further strengthening its solid liquidity position.
The credit line has been granted by 23 leading global financial institutions, including Crédit Agricole CIB, Santander Corporate & Investment Banking and Unicredit (as underwriters, global coordinators, bookrunners and sustainability coordinators) and Intesa Sanpaolo (as bookrunner), in addition to HSBC (as mandated lead arranger), BBVA, Banco BPM, Bank of America, Barclays Bank, BayernLB, BPER Banca, Citi, Deutsche Bank, ING Bank, J.P. Morgan, Mizuho Bank, SMBC Bank, Société Générale and Standard Chartered (as lead arrangers) and Bank of China, Bankinter, Mediobanca and Morgan Stanley (as arrangers).
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